Annual inflation rate rises to 7.4pct in January 2024

The annual inflation rate rose to 7.4% in January 2024, from 6.61% in December, as food prices increased 5.64%, non-food prices went up 7.36% and services prices advanced 10.91%, according to data from the National Institute of Statistics (INS) published on Wednesday.

"The consumer price index in January 2024 compared to December 2023 was 101.10%. The annual inflation rate in January 2024 compared to January 2023 stood at 7.4%. The average rate of change in consumer prices in the last 12 months (February 2023 - January 2024) compared to the previous 12 months (February 2022 - January 2023) was 9.8%," INS said in a press release.

The National Bank of Romania announced at the beginning of the year that the annual inflation rate would rise in the first month of 2024 and then resume its gradual decline, on a lower trajectory than that shown in the November 2023 medium-term forecast.